The price of Brent crude oil, the benchmark, rose by 2.5% on Thursday to $105.60.

The price of Murban oil in the UAE, a benchmark for pricing Middle East oil, jumped even nearly 4% and reached a peak of $117.50.

This price increase indicates that global oil markets are increasingly concerned about disruptions to exports from Arab countries in the region from the Strait of Hormuz and the Bab el-Mandeb.

Oil prices in global markets have trended upward following remarks made by Masoud Pezeshkian, the president of Iran, at the United Nations General Assembly.

He emphasized that the Islamic Republic will not give in and will continue its nuclear program.